On­line phar­macy NetMeds se­cures $35M

BioSpectrum (India) - - FINANCE NEWS -

On­line phar­macy NetMeds Mar­ket­place Pvt. Ltd has raised $35 mil­lion in a Se­ries C fund­ing round from South­east Asian busi­ness con­glom­er­ate Daun Penh Cam­bo­dia Group based in Sin­ga­pore. Ex­ist­ing in­vestors Sis­tema Asia Fund, the ven­ture cap­i­tal arm of Rus­sian con­glom­er­ate Sis­tema JSFC, and Tan­ncam In­vest­ment, a Cam­bo­dian in­vest­ment hold­ing com­pany, have also put in money in this round. NetMeds in­tends to use the funds to ex­pand its reach through mar­ket­ing ef­forts and en­hance cus­tomer ex­pe­ri­ence by ex­pe­dit­ing de­liv­ery and in­creas­ing its stock. NetMeds of­fers both pre­scrip­tion drugs and over­the-counter med­i­ca­tions as well as other health prod­ucts. Users can or­der their medicines via the firm’s web por­tal or mo­bile app by up­load­ing their pre­scrip­tions. A team of qual­i­fied phar­ma­cists ver­i­fies the pre­scrip­tion for va­lid­ity and pre­scribes the ap­pro­pri­ate dosage ac­cord­ingly. The com­pany claims to have eight ful­fil­ment cen­tres in Chen­nai, Ben­galuru, Hyderabad, Delhi, Pune, Ahmed­abad, Raipur and Kochi.

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